It is predicted that, by the year 2020, about 78% of small businesses will be using cloud-based apps to help perform a variety of business functions. Why? It’s proven, in most cases, to make tasks easier and business operations cheaper.

Cloud-based technology is a type of technology that relies on the internet, rather than devices or local servers, to move information. Small and large businesses are moving their information and services to cloud computing technology to decrease technology risk and maximize team efficiency.

Perhaps one of the largest benefits of cloud-based apps for businesses is the ability for a business to maximize profits through lowered expenses, efficiency, better collaboration, and more. Here are a few of the ways you can utilize cloud-based apps to maximize Your business profits.

Less Up-Front Costs

Technology is expensive, especially the high-end technology that businesses rely on to transfer information allowing their teams to complete necessary tasks. Think of the total cost to purchase all your business’ computers, printers, servers, and any other devices needed for your business to run? Depending on the size of your business, this could be thousands to hundreds of thousands and more.

Now, consider cloud-based technology. Cloud-based applications usually charge a yearly subscription fee or one-time fee. For businesses, the fees are generally more expensive than for personal use, but this increased price tag comes with more functionality that businesses need.

The up-front costs of paying for cloud-based apps compared to technology devices to store and transfer information are significantly lower. In fact, the cost of ownership to a business for cloud-based technology can be as much as 46% lower than physical technology.

And as a bonus, think of your energy savings with cloud-based apps. Moving your business from energy-guzzling technology to cloud-based technology can significantly cut your business’ energy use.

Less Risk of Technology Malfunction

The more physical devices your business owns, the higher chances of failure. When one device malfunctions, it could affect your whole business structure, especially a server failure. Move your servers to the cloud and you can save a lot of money and headaches.

Cloud-based technology can save your information through backup and recovery applications for decreased chance of failure. Set your cloud apps to backup all system information as often as you’d like and safely recover it again in case of lost information. You can also allow your cloud-based apps to perform automatic updates for better safety, security, performance, and maintenance.

Small businesses are actually twice as likely to invest in cloud-based backup and recovery apps than larger businesses, usually because of the lack of funds to invest in more advanced methods. However, small businesses might be on to something smarter by doing so. They are, in fact, investing in a wise business decision that can save them a lot of money in the future.

Easier Team Collaboration

If your business shells out extra money to pay employees for business meetings, travel expenses and collaboration time, you could be wasting money. Consider all the collaboration efforts made possible through cloud-based apps.

The cloud has made it possible for teams to come together to share, work on, and revise information without ever needing to meet in person. In addition to allowing your team to work more efficiently, cloud-based collaboration apps can save you money on payroll and conference expenses.

Have your team meet through video conferences instead of flying team members to another location to meet in other offices. Share files through Dropbox so a team member can pick up where someone left off on a document, rather than spending money for them to work together on overtime hours.

And, lessen your number of company meetings per month by using an app like Accelo to manage your business clients and projects with your team. Accelo acts as a one-stop shop for you and your team to stay abreast of your client information.

Flexible and Efficient Solutions

Cloud-based apps offer an unparalleled flexibility for your team. Unlike the traditional workplace, one connected to the cloud is optimized for mobility. Your team can experience a location-independent workplace not possible with a company that has not yet embraced cloud technology.

How does this translate to a decrease in expense and increase in business profits? Basically, your team is more efficient when it is connected to the cloud.

Think of your productivity without cloud-based apps. You can send your team an updated document to work on. A team member misses the e-mail with the most recent revision and begins working on an outdated version. Your other team members work on the most recent version, so now the document is in two different places. Nightmarish, at times.

Using cloud-based technology, you can upload the most recent version of a file and everyone with access to that file will have the updated version. This decreases your margin of error (and your expenses for said error) and increases productivity.

Above and Beyond the Competition

If you’ve made the switch to mostly cloud-based technology, you have an edge over your competition that may still be using traditional technology for operations.

In the case of an emergency, like a power failure or security breach, that would affect not only your business but some of your competitors, who would have the advantage? Your business that utilizes cloud-based technology.

Why? Because you still have access to all your important data and files from anywhere. You’re not dependent on your local servers or your workplace computer system to continue to run your business smoothly. Cloud-based technology allows you to run your business with the least possibility for disruptions.

Additionally, your customers and collaborators may see you as a mover and shaker of the industry: a business that isn’t afraid to embrace modern technology. One that thinks ahead to keep moving forward. And, since cloud-based technology allows your team to complete tasks more efficiently, your business can become more efficient at meeting your customers’ needs.

Easier Integration with Other Devices and Data

Not only does the cloud lend a hand to your business’ efficiency, but it also helps to streamline your data between devices and apps. The cloud is basically a vast infrastructure of numerous apps and devices through which data is interconnected. When you place data in one cloud-based application, the number of ways you can access that data is virtually endless.

What does this mean for your business? The more connected your data is to each other through the most helpful cloud-based applications, the better your data analysis can be. Even if you hire a business analyst, you can save them a lot of time through access to the data on your cloud applications.

Furthermore, having your data available to a variety of devices and integrated with other data sources can aid in more innovative practices for your business. Your team can, essentially, have its hands on all business data from one device, leading to more efficient innovation and analysis processes for new products or services. In turn, you can see more profits in a shorter timeframe, thanks to the cloud.

Cloud-based apps are taking over traditional technology for businesses, and with good reason. They are cost-effective both for both short-term and long-term business needs, allow a team more flexibility and efficiency, provide an edge against competition, and provide easy integration with data and devices for increased productivity and innovation.

Cloud-based applications are moving businesses into the future at rapid speed. The cost-effectiveness of embracing cloud technology is something small and large businesses cannot afford to ignore. Amen.